If the title company fails to file a conveance deed or a security instrument of record in the county that the property is in you will need to file a claim with your owner's title policy or the lender would need to file a claim on their mortgagee policy

You can ask the original title agency that issued the Policy for a duplicate or their Underwriter. They may or may not charge for the extra copy.

You should be wary of any company like this as they usually charge you excessive interest and fees. There are many complaints online about this company being a rip-off.

If the transaction is a refinance, then the borrower (current owner), pays for the Mortgage Title Insurance, for coverage on the new loan.

If the transaction is a purchase, the title insurance fees are negotiable and either buyer, seller or both can pay the fees as per what is regional practice or what has been negotiated into the sales contract.

All states vary, yet who pays on a purchase is always an elective and negotiable between the parties involved as to the Owner's Policy.

Typically the new buyer pays for the Mortgage Policy regardless as to who is paying for the Owner's policy.

The seller is required to provided a clear title; purchasing title insurance is generally a part of this.

It depends on the state.

In some states, where there are no licensing requirements to be a title agent/title agency, anyone can sell and effect title insurance without any special requirements or licensing.

Other states require specific title licensing (like New Jersey), and an attorney must also have a title license in order to effect and sell title insurance.

Additionally, states like MA require that in order to be a title agent, you must be also be an attorney.

Check with your state's licensing requirements for specific details.

in order to ensure the validity of title for a buyer, title insurance companies had to also track prior owners of the land and determine if the land had any easements, liens, or other encumbrances

It's been awhile since I took the test but there are "course" offered by PLTI - Pennsylvania Land Title Institute that are worth looking over. I was also told to read the policy jackets! Don't expect a lot of questions pertaining to what a Settlement Agent/processor does every day regarding HUDS, closings, post closing, etc... Brush up on the legal and examiner part of Title Insurance. Hope this helped and GOOD LUCK!!

Usually a lender will only request a basic Lender title insurance policy. While there is an enhanced lenders policy, the lender usually only requires a basic policy for there protection. The Loan policy is usually based on the dollar amount of your loan. This policy only protects the lender interest in the property if problems arise on title.

Because the Lenders policy only protects the lender up to the loan amount that is taken, it is a good idea to look into getting an owners policy to protect the buyer of the property, this policy is based on the purchase price of the property, and will help protect the equity that is built over time.

No it does not. Lenders Title insurance is a whole other form of coverage

Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan.

The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan.

However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification.

There would still be title charges for the changes in the Mortgage Modification coverage in most cases.

You obtain title insurance from a licensed title insurance agent; I would not purchase it from a captive agent (that is, from the lender providing my loan, or from the realtor listing/selling the house).

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You file a claim with the title agency as to the disbute.

Remember, only pre-existing conditions up to the date you purchased the property would be covered and you need to check your Owner's Policy to see if the issue you are concerned about was covered or excepted from coverage on your Policy before you file a claim.

If the "cloud" is something that came about AFTER you purchased the property, it would not be covered.

Yes, a licensed title producer or an attorney can explain the concept of title insurance which is relatively simple:

1. A Lender's or Mortgage Policy covers the lender's mortgage interest in the property for the life of their loan against title defects at the time the mortgage is taken. The only way a Lender's coverage can be transferred to a new mortgage holder if the loan is sold, is if the lender takes out Secondary Mortgage Market coverage at the time the new mortgage was made by the borrower.

2. An Owner's Policy covers the new owner against PRIOR defects in the title. It is good for as long as the owner is vested in the property whether it be 5 years or 50 years, but does not cover any defects made by the new owner while in possession. An Owner's Policy is NOT transferrable.